Ethiopia, UAE Sign 100mil USD Grant Agreement

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Addis Ababa July 15/2019 Ethiopia and the United Arab Emirates (UAE) have signed a 100 million USD grant memorandum of understanding (MoU) on Monday targeting innovation and technology.

The MoU signed by State Minister of Finance Admasu Nebebe and Hussain. J. Al Nowais, Chairman of the Khalifa Fund Board of Directors, representing the UAE in the presence of Prime Minister Abiy Ahmed.

The support provides for micro, small and medium enterprise sector development and job creation, particularly focused on innovation and technology.

Sheik Mohammed bin Zayed bin Sultan Al-Nahyan concluding his visit in June 2018, the UAE pledged 3 billion USD in aid and investment to Ethiopia, which was a major show of support for the government of Prime Minister, Abiy Ahmed.

The oil-rich country is willing to help Ethiopia find opportunities and bring about realistic solution to the financial shortfall through more foreign investments in the country.